India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC terms</li><li>This robust start was accompanied by a large deal TCV of USD 3.8bn, with a notable 55% being net new deals and over USD 1bn in TCV originating from multiple vendor consolidation deals</li><li>A key enabler of this differentiated performance is Infosys's leadership in enterprise AI, driving faster decisions and operational efficiencies</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC termsThis robust start was accompanied by a large deal TCV of USD 3.8bn, with a notable 55% being net new deals and over USD 1bn in TCV originating from multiple vendor consolidation dealsA key enabler of this differentiated performance is Infosys's leadership in enterprise AI, driving faster decisions and operational efficienciesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Infosys, Dr Reddy’s Laboratories, Persistent Systems...

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.</li>
<li>Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.</li>
<li>A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.</li>
</ul>


Natural gas may be brought under GST at 18%, replacing fragmented state taxes and excise duties.
Uniform GST boosts cost efficiency, increases gas competitiveness, and benefits companies’ margins.
A simpler, uniform tax regime accelerates natural gas adoption, driving long-term industry growth and profitability.


Equity Bottom-Up

<ul><li>The Mahanagar Gas (MGL) stock price has corrected ~36% and underperformed the Sensex by ~34% in the last 3M due to the potential adverse impact of drastic cut in APM gas allocation for city gas sector</li><li>We estimate MGL’s EBITDA could be impacted by as much as INR ~5-5.5/scm due to the reduction in APM gas allocation</li><li>Volume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas cost</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Mahanagar Gas (MGL) stock price has corrected ~36% and underperformed the Sensex by ~34% in the last 3M due to the potential adverse impact of drastic cut in APM gas allocation for city gas sectorWe estimate MGL’s EBITDA could be impacted by as much as INR ~5-5.5/scm due to the reduction in APM gas allocationVolume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas costContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahanagar Gas: Reduced APM Gas Allocation—a Near-Term Headwind. Maintain BUY

India

Mahanagar Gas Limited (MGL) distributes natural gas. The Company provides gas to domestic customers such as hospitals, nursing homes, hotels, flight kitchens, and restaurants. MGL serves customers in India.

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Mahanagar Gas (MAHGL IN)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

HSIE Results Daily: Infosys, Dr Reddy’s Laboratories, Persistent Systems...

Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC terms

HDFC Securities

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Impact of Bringing Natural Gas Under GST

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

Mahanagar Gas: Reduced APM Gas Allocation—a Near-Term Headwind. Maintain BUY

Volume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas cost

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

HSIE Results Daily: Infosys, Dr Reddy’s Laboratories, Persistent Systems...

Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC terms

HDFC Securities

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Impact of Bringing Natural Gas Under GST

​Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.

Nimish Maheshwari

Mahanagar Gas: Reduced APM Gas Allocation—a Near-Term Headwind. Maintain BUY

Volume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas cost

HDFC Securities

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Proposed inclusion of natural gas in GST at 18% could enhance cost efficiency, competitiveness, and industry growth due to higher demand.